Chillers Market, 2016-2024 by Segmentation: Based on Product, Application and Region

Chillers are refrigeration devices used to cool equipment, raw materials, or fluid streams in industrial applications, as well as food and beverages in residential and commercial applications. The most important attributes of chillers are their durability, efficiency, and low environmental impact. The global market for chillers has been driven in recent years by the rapid spread of industrialization across the world and the booming chemicals and food and beverage industries.

The report examines the global chillers market and presents forecasts regarding its development from 2016 to 2024. The historical trajectory exhibited by the chillers market before 2016 has also been scrutinized in the report in order to provide concrete context to the analysis of the market’s drivers and restraints. The key segments of the global chillers market are examined in the report to provide a granular overview of the market, and major companies operating in the market have been profiled to shed light on the competitive dynamics of the market. The comprehensive market study will allow market participants to formulate winning strategies in the coming years.

The major product types in the global chillers market are screw, scroll, reciprocating, absorption, and centrifugal chillers. Major applications of chillers include but are not limited to chemicals, plastics, petrochemicals, food and beverage, rubber, and medical.

The increasing need for cooling equipment in industrial units is a prime driver of the global chillers market. The industrial sector in developing countries such as China, India, Indonesia, South Korea, Thailand, Brazil, Argentina, and Mexico has shown an exemplary rate of growth in the last few decades, expanding in line with the growing GDP of these countries. This has driven the demand for various ancillary industries, including the chillers industry.

Another major driver for the global chillers market is the increasing consumption of frozen food. In contrast to the traditional way of cooking elaborate meals, the modern consumer is eager to cut down the time required to prepare a meal. As a result, demand for frozen food has grown at strong rates in various parts of the world thus driving the global chillers market. The increasing number of women in the corporate and industrial sectors has also complemented this phenomenon, since women have traditionally held the role of the homemaker.

The increasingly stringent environmental regulations in various parts of the world are driving innovation in the global chillers market. Several chemicals used in the refrigeration process have the potential to damage the environment, the result of which has been a spate of new, ecologically viable chillers from major players around the world.

On the other hand, the major restraint on the global chillers market is the increase in the production cost brought about by increasing raw material prices.

Asia Pacific is the largest regional market for chillers. The demand for chillers in this region is driven by the increasing demand from the plastics and petrochemicals industries. The expanding industrial sector in developing Southeast Asian countries is likely to add to the demand for chillers in the coming years.

China is already a major petrochemicals industry hub, while both India and China have flourishing manufacturing sectors that receive strong support from the respective governments. This is likely to boost the demand for chillers in Asia Pacific in the coming years. The Middle East and Africa is another developing region likely to offer a strong sales outlet for the global chillers market in the coming years.